KUALA LUMPUR: Proton, Group Lotus, 1Malaysia Racing Team (1MRT) and its owner Tan Sri Tony Fernandes announced Thursday that the legal dispute in the English courts relating to the Lotus and Team Lotus brands has now ended amicably, with the parties agreeing to settlement terms earlier this month.
In a joint statement they said the terms of the settlement were confidential.
The deal sees the Lotus brand reunited under the sole ownership of Group Lotus. This includes the rights to the Lotus and Team Lotus names in Formula 1.
Group Lotus chief executive officer, Dany Bahar, said on behalf of Group Lotus and Proton that he was pleased this matter was finally closed and they could now focus on looking to the future.
“We understand that this has been a very difficult and confusing time for the fans of the sport and the Lotus brand so we are glad to have reached a clear resolution on this important matter.
According to the statement, 1MRT would race in the 2012 Formula 1 season under the name Caterham F1 Team and will use a Caterham chassis. “The deal also sees a working relationship established between the parties and they will work together on future projects in the automotive field,” it said.
Riad Asmat, group chief executice officer of Team Lotus, said: “We are proud of what we have achieved by bringing the Team Lotus name back to Formula 1 when many tried and although we are sad to say goodbye to Team Lotus, we are excited about owning our own future and being in control of our own destiny.
“Now we have no one to be compared to. We make our own history and we will remain green and yellow.
“Now we look forward to an exciting future racing under our new team name of Caterham F1.”